Munich Re Group Changing Gear gg
Munich Re Group Changing Gear gg
Munich Re Group Changing Gear gg
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Backup: Primary insurance<br />
Primary insurance property-casualty<br />
Excellent combined ratios<br />
Combined ratio ERGO vs. market (German GAAP)<br />
%<br />
Claims<br />
ratio<br />
Expense<br />
ratio<br />
%<br />
93.4 94.0 92.3<br />
90.5 91.4<br />
59.9<br />
33.5<br />
94.4<br />
68.6 57.8 66.5<br />
58.2 68.6<br />
25.4 32.7 25.8<br />
33.2 25.8<br />
ERGO Market ERGO Market ERGO Market<br />
2005 2006 2007<br />
Combined ratios primary insurance segment<br />
100<br />
95<br />
90<br />
85<br />
96.4<br />
97.2<br />
1 101.4<br />
1<br />
99.9<br />
96.4<br />
93.4<br />
1999 2000 2001 2002 2003 2004 2005 2006 2007<br />
1 Mainly due to German flood losses and acquisitions in Italy and Eastern Europe.<br />
Backup: Primary insurance<br />
ERGO Germany life<br />
One of the leading players<br />
Ranking by market share in 2007<br />
Gross premiums written 1 €m %<br />
1 Allianz 13,217 16.8<br />
2 AMB Generali 8,972 11.4<br />
3 ERGO 5,959 7.6<br />
4 Talanx 5,154 6.5<br />
5 Zurich 3,994 5.1<br />
6 AXA 3,895 4.9<br />
7 R+V 3,678 4.7<br />
8 Debeka 2,875 3.6<br />
9 Württembergische 2,235 2.8<br />
10 Nürnberger 2,031 2.6<br />
.<br />
German market 78,902 100.0<br />
1 German GAAP.<br />
93.0<br />
93.1<br />
90.8<br />
GOAL<br />
<strong>Re</strong>turn to growth path<br />
<strong>Munich</strong> <strong>Re</strong> <strong>Group</strong><br />
Trade-off: Higher<br />
expense ratios<br />
than market due<br />
to different<br />
business and<br />
sales channel mix<br />
More than<br />
compensated for<br />
by lower claims<br />
ratios<br />
NEW BUSINESS<br />
Share of innovative and investment-type products<br />
30% by 2010<br />
GERMAN LIFE BUSINESS<br />
Increase German IFRS net profit<br />
75% by 2012<br />
NEW BUSINESS MARGIN<br />
VANB/PVNBP<br />
3.0% by 2010<br />
TREASURY APPROACH<br />
Increase profitability and safeguard shareholders<br />
against risk from business in force<br />
<strong>Re</strong>turn to growth path as one of our major objectives<br />
<strong>Munich</strong> <strong>Re</strong> <strong>Group</strong> – October 2008<br />
42<br />
<strong>Munich</strong> <strong>Re</strong> <strong>Group</strong> – October 2008<br />
43
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